Nigeria’s inflation rate rises to 33.88% in October

Nigeria’s inflation rate climbed for the second straight month in October, hitting 33.88%—an increase from 32.70% recorded in September 2024.

This is according to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report released on November 15, in Abuja.

The data bureau said the headline inflation rate in October rose by “1.18% points when compared to the September 2024 headline inflation rate. On a year-on-year basis, the Headline inflation rate was 6.55% points higher than the rate recorded in October 2023 (27.33%).

This shows that the Headline inflation rate (year-on-year basis) increased in October 2024 when compared to the same month in the preceding year.

Furthermore, on a month-on-month basis, the headline inflation rate in October 2024 was 2.64%, which was 0.12% higher than the rate recorded in September 2024 (2.52%).

This means that in October 2024, the rate of increase in the average price level was higher than the rate of increase in the average price level in September 2024.”